Many consumers enjoy the flexibility and guarantees offered by universal life insurance. Columbian's Stellar Solutions Universal Life is flexible premium, adjustable life insurance that provides the options to build the policy you need, then lets you make changes when those needs change. Universal life insurance is available for lower premiums than traditional whole life insurance while still providing long term cash value accumulations.
Stellar Solutions is available with face amounts from $25,000 to $10,000,000, with a level death benefit or increasing death benefit. The following riders are available:
- The Accidental Death Benefit Rider provides an additional benefit up to $250,000 for accidental death.
- The Children's Insurance Rider provides up to $25,000 of level term coverage on all eligible children, whether natural born, adopted, or stepchildren, including those joining the family after the rider is issued.
- The Other Insured Rider provides convertible term insurance for up to three additional insureds.
- The Primary Insured Rider provides additional coverage, up to three times the face amount of the base policy, on the primary insured.
- The Waiver of Monthly Deduction Rider will cover your monthly deduction if you become totally disabled for six months or more.
When needs change after the policy is issued:
- The flexible premiums allow the policyowner to change the amount and timing of the scheduled premiums as long as they are sufficient to keep the policy in force and do not exceed legal limits. (It is possible that coverage will expire when either no premiums are paid following the initital premium, or subsequent premiums are insufficient to continue coverage.)
- The adjustable benefit allows the policyowner to increase or decrease the face amount.
- Loans may be taken against the policy's cash value.
- Partial surrenders may be made to withdraw a portion of the policy's cash value while retaining the remainder of the coverage.
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This describes Policy/Rider Form Nos. 1F151, 1F151-CL, 1H824, 1H824-CL, 1H825, 1H825-CL, 1H826, 1H826-CL, 1H827, 1H827-CL, 1H828 and 1H828-CL or state variation.